Re: How much does pre-approval weigh when applying... - myFICO® Forums

800who · ‎07-26-2017

I applied for AmEx BCA twice, once in February and once in March and got declined, I believe it was for AAOA, I just went to their pre approval website and they're pre qualifying me for BCA, Green Card and Everyday Credit Card. I really want the BCA but dont want to apply and get declined. Suggestions?

Anonymous · ‎07-26-2017

@800who wrote:
I applied for AmEx BCA twice, once in February and once in March and got declined, I believe it was for AAOA, I just went to their pre approval website and they're pre qualifying me for BCA, Green Card and Everyday Credit Card. I really want the BCA but dont want to apply and get declined. Suggestions?

Amex preapprovals are a very good indicator of your chances of being approved. However, just like all preapprovals, they are not a guarantee and people do apply based on them and get denied. Ultimately the only way to know is to apply. The effect of a HP on your credit reports is far less than most people believe so if you were to be declined, it's ultimately not a huge deal on your credit scores.

If you were denied for AAoA, not much has changed since March but that doesn't mean that you will be declined. What is your Experian FICO score and your current AAoA?

Anonymous · ‎07-26-2017

@800who wrote:
I applied for AmEx BCA twice, once in February and once in March and got declined, I believe it was for AAOA, I just went to their pre approval website and they're pre qualifying me for BCA, Green Card and Everyday Credit Card. I really want the BCA but dont want to apply and get declined. Suggestions?

@Anonymous Amex offering you a single-figure APR on their preapproval? While @Anonymous is right that even a preapproval isn't 100% guaranteed, a single-figure APR offer on a preapproval means your chances are as close to guaranteed as they ever get in this business. I've gotten single-figure APR offers on Discover and Penfed Power Cash Rewards preapprovals and been approved both times I accepted the offer, just to cite my own example.

I agree that people fret more about HP's for apps than they should, especially if they're only doing a single app at a time or a few apps (LOTS of apps within a very short period of time, say hours or days, are different). I'd say go ahead and do it, especially if you got a single-figure APR quote; the worst that can happen, assuming your credit is good overall, is that you get declined and you get a little ding on your score that'll lose its effect in a year and drop off completely in two years.